New research has shown that the trend for online retail is not set to slow its growth any time soon, especially in the fine jewellery sector.
The data, from McKinsey via Business of Fashion, shows that global fine jewellery sales through online platforms are set to grow from 13% in 2019 to 18-21% in 2025.
This 9-12% CAGR is compared to a figure of only 2-3% for in-store sales.
The report reads: “Social media has dramatically levelled the playing field, allowing younger challenger brands to disrupt the marketplace with their fluency in speaking to younger generations on social channels.
“In light of these shifting dynamics, the future for fine jewellery online looks bright.
“McKinsey’s analysis expects the market to double between 2019 and 2025, with online reaching 18 to 21 percent of global fine jewellery sales and amounting to $60 to $80 billion [£43.5-58 billion] in annual turnover.”
Elsewhere, the research showed that 20-30% of customers purchasing jewellery in 2025 will make a decision based on a brand or product’s sustainability.